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  • Forex Technical & Market Analysis FXCC Feb 06 2013

    Forex Technical & Market Analysis FXCC Feb 06 2013

    Hollande: The Eurozone crisis is now largely behind us

    Eurozone political group leaders, together with French President François Hollande and European Commission President José Manuel Barroso gathered at the European Parliament in Strasbourg on Tuesday to discuss the future of the European Union and the Eurozone, the economic crisis and the EU budget for 2014 to 2020. President Hollande spoke about the necessity of creating an exchange rate policy for the Eurozone in order to prevent "irrational movements" of the single currency. He warned that otherwise the euro area might be "subjected to an exchange rate that does not match the true state of its economy." Hollande also said that the Eurozone debt crisis has been largely overcome, but that nevertheless the Member States should do their utmost to bring down the excessively elevated unemployment in the area. He also pointed out the dangers connected with too much austerity: "The threat we face now is no longer the mistrust of the markets but that of the people."

    For the London session ahead there will only be UK Halifax HPI data at 08:00 GMT before BoE meeting tomorrow, and crude oil inventories at 15:30 GMT coming from the US. Since year started, Cable has lost -3.5% in value against the USD. Since mid January, Pound is weakest currency among majors, only above the Yen, while against Euro, EUR/GBP is back again to recent highs area, last at 0.8674, near 15-month highs level.
    http://blog.fxcc.com/12813/

    Forex Economic Calendar
    2013-02-06 11:00 GMT | Germany. Factory Orders n.s.a. (YoY) (Dec)
    2013-02-06 15:00 GMT | Canada. Ivey Purchasing Managers Index (Jan)
    2013-02-06 21:45 GMT | New Zeland. NZ Unemployment Rate (Q4)
    2013-02-06 23:50 GMT | Japan. Machinery Orders (YoY) (Dec)

    Forex News
    2013-02-06 05:21 GMT | GBP/USD quiet above fresh 5-month lows 1.5630
    2013-02-06 03:48 GMT | EUR/USD inside its thin trading range 1.3572/96
    2013-02-06 02:27 GMT | USD/JPY has a final capitulation feel to it now - RBS
    2013-02-06 01:27 GMT | AUD/NZD prints fresh 29-month lows on poor Aus retail sales data

    TECHNICAL ANALYSIS
    --------------------------
    EURUSD

    HIGH: 1.35959 | LOW: 1.35609 | BID: 1.35631 | ASK: 1.35637 | CHANGE: -0.13% | TIME: 08:03:04

    (click to enlarge)

    OUTLOOK SUMMARY: Up
    TREND CONDITION: Upward penetration
    TRADERS SENTIMENT: Bearish
    IMPLIED VOLATILITY: Low

    MARKET ANALYSIS - Intraday Analysis
    Upwards scenario: An hourly chart retracement development continues to pressure the pair towards to next resistance level at 1.3599 (R1). Break above it is required to open way towards to next targets at 1.3619 (R2) and 1.3638 (R3). Downwards scenario: As long as price stays below the next resistance level our medium-term outlook would be negative. Next on tap is support level at 1.3555 (S1). Instrument might face next hurdle at 1.3536 (S2) and 1.3517 (S3) in case of positive retest here.

    Resistance Levels: 1.3599, 1.3619, 1.3638
    Support Levels: 1.3555, 1.3536, 1.3517

    --------------------
    GBPUSD

    HIGH: 1.56656 | LOW: 1.56502 | BID: 1.56525 | ASK: 1.56536 | CHANGE: -0.04% | TIME: 08:03:05

    (click to enlarge)

    OUTLOOK SUMMARY: Down
    TREND CONDITION: Down Trend
    TRADERS SENTIMENT: Bullish
    IMPLIED VOLATILITY: Low

    Upwards scenario: Markets simply ignored all supportive measures yesterday and formed clear downtrend signal on the hourly chart timeframe. Possibility of correction is seen above the high of the day at 1.5668 (R1). Only clearance here would open route towards to next recovery targets at 1.5683 (R2) and 1.5699 (R3). Downwards scenario: It is undeniable that further downtrend formation might get acceleration below the next support level at 1.5642 (S1). Loss here would suggest next intraday target at 1.5627 (S2) and any weakening below it would then be limited to final support at 1.5611 (S3).

    Resistance Levels: 1.5668, 1.5683, 1.5699
    Support Levels: 1.5642, 1.5627, 1.5611

    ------------------------
    USDJPY

    HIGH: 94.055 | LOW: 93.455 | BID: 93.783 | ASK: 93.788 | CHANGE: 0.16% | TIME: 08:03:06

    (click to enlarge)

    OUTLOOK SUMMARY: Up
    TREND CONDITION: Up Trend
    TRADERS SENTIMENT: Bearish
    IMPLIED VOLATILITY: Low

    Upwards scenario: Instrument showed excessive strength yesterday and we expect some stabilization ahead. However appreciation above the next resistance at 94.06 (R1) might provide a catalyst for profit taking And expose intraday targets 94.35 (R2) and 94.63 (R3). Downwards scenario: Important support level locates right at 93.54 (S1). Successful retest here would open route towards to next target at 93.24 (S2) and any further decline would then be limited to final support for today at 92.95 (S3).

    Resistance Levels: 94.06, 94.35, 94.63
    Support Levels: 93.54, 93.24, 92.95

    Source: FX Central Clearing Ltd,( Currency Converter | Top ECN Forex Broker | Forex Demo Account | FXCC )

    Feb 06 7:07 AM | Link | Comment!
  • Daily Forex Market By FXCC 19Mar2012
    Daily Forex Market by FXCC 19Mar2012

    EUR/USD in tight range above 1.3000 level during Asia

    EUR/USD keeps trading in late Asia-Pacific quite limited at 1.3169 between highs at 1.3186 and lows at 1.3162 for all session being so far in the start of the week. GBP/USD is holding onto Friday's firm gains as trading gets underway this Monday, last at 1.5840 versus 1.5830 at the end of trading in NY, having traded a tight 1.5828/50 range so far today. After reaching an 11-month high of 84.17 last week, USD/JPY has pulled back and now trades, at 83.50 in Asia, up from 83.37 at the end of trading late Friday. To the downside, support levels lie at 83.40, 83.10 and 82.80, while, to the upside, resistance levels lie at 83.80, 84.15 and 84.50.

    AUD/USD climbed to a 6-day high of 1.0614 Monday in the Asia-Pacific, last quoted around the 1.0600 mark from 1.0580 as it drifts sideways as RBA Governor Stevens' speaks at the Asian investment conference.The New Zealand dollar touched a 7-day high against the greenback on Monday, jumping to 0.8274 from 0.8234 late in the New York session on Friday. Last at 0.8256, resistance is noted at 0.8320 (27 Feb low), while support lies at 0.8192 (22 June high).
    Read More
    https://support.fxcc.com/email/technical/19032012/

    UPCOMING EVENTS
    2012-03-19 09:00 GMT | European Monetary Union Current Account s.a (Jan)
    2012-03-19 09:00 GMT | European Monetary Union Current Account n.s.a (Jan)
    2012-03-19 09:00 GMT | Italy Industiral Orders n.s.a (YoY) (Jan)
    2012-03-19 10:00 GMT | European Monetary UnionConstruction Output s.a (Jan)

    FOREX NEWS
    2012-03-19 05:26 GMT | EUR/USD in tight range during Asia
    2012-03-19 05:11 GMT | AUD/USD hovers around 1.0600 as Stevens speaks
    2012-03-19 00:31 GMT | GBP/USD consolidating below 1.5850
    2012-03-19 00:01 GMT | USD/JPY dowside limited while above 83.10

    ---------
    EURUSD : 1.31686 / 1.31694
    DAILY WEEKLY MONTHLY

    1.3378 | 1.3324 | 1.3273 | 1.3189
    1.3119 | 1.3048 | 1.3003 | 1.2954

    SUMMARY : Up
    TREND : Up trend
    MA10 : Bullish
    MA20 : Neutral
    STOCHASTIC : Neutral

    MARKET ANALYSIS - Intraday Analysis

    After the EURUSD formed a bottom 1.3003 (S3) the pair rose and penetrated upwards all of our resistance levels forming a new high (intraday) at 1.3189 (R1). If it breaks above that level we can expect a target at 1.3273 (R2). On the other hand if a break occurs below the first support at 1.3119 (S1) expect the price to retest 1.3048 (S2) and any further fall will then be limited to 1.3003 (S3) a strong technical and psychological level for the bulls as it has been retested in the past (Feb. 2012) without succeeding to break below it.

    ---------
    GBPUSD : 1.58431 / 1.58447
    DAILY WEEKLY MONTHLY

    1.5997 | 1.5967 | 1.5912 | 1.5861
    1.5787 | 1.5734 | 1.5654 | 1.5605

    SUMMARY : Up
    TREND : Up trend
    MA10 : Bullish
    MA20 : Bullish
    STOCHASTIC : Neutral

    MARKET ANALYSIS - Intraday Analysis

    The GBPUSD gained momentum and rose forming a new top at 1.5861 and after then fell and since last night is moving in a consolidation mode. If a break occurs above the first resistance level at 1.5861 (R1) it would suggest a target at 1.5912 (R2) and any further rise will then be limited to 1.5967 (R3). If it fails to break above the first resistance level we expect the price to retest 1.5787 (S1). A break below that level would suggest a target at 1.5734 (S2) and any further fall with then focus on 1.5654 (S3).

    ---------
    USDJPY : 83.369 / 83.379
    DAILY WEEKLY MONTHLY

    84.92 | 84.57 | 84.18 | 83.81
    83.17 | 82.58 | 81.94 | 81.14

    SUMMARY : Up
    TREND : Up trend
    MA10 : Neutral
    MA20 : Neutral
    STOCHASTIC : Neutral

    MARKET ANALYSIS - Intraday Analysis

    USDJPY has been moving upwards since the beginning of March and the bulls face a major hurdle at the 84.18 level (resistance), a level that is significant both psychologically and technically. A break above 83.81 (R1) would suggest a target at 84.18 (R2) a year high. On the other hand a break below 83.17 and we expect the price to retest 82.58 (S2) and any further fall with then be limited to 81.96 (S3).

    Source: FX Central Clearing Ltd, (http://www.fxcc.com)

    Mar 19 9:19 AM | Link | Comment!
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